March Existing Home Sales

From Bloomberg:

Sales of U.S. Existing Homes Probably Climbed for Third Month

Sales of previously owned U.S. homes probably rose in March for a third month to reach the highest level since late 2009, further evidence of an improving real-estate market, economists said before a report today.

Purchases climbed 0.4 percent last month to a 5 million annualized rate, according to the median forecast of 66 economists surveyed by Bloomberg before data from the National Association of Realtors in Washington. The last time sales exceeded a 5 million pace was November 2009, when first-time homebuyers rushed to take advantage of a temporary tax credit.

Historically low mortgage rates, rising property values and job growth are helping repair the housing market, giving the world’s largest economy a boost. At the same time, lean inventories of available properties may be limiting the pace of progress in the industry.

“Housing is a very bright spot in this recovery, and it’s one of the reasons why the recovery will stay on track,” said Eric Green, global head of rates and FX research at TD Securities Inc. in New York. “With people seeing broader healing in demand and gaining confidence because they don’t expect prices to fall anymore, they’re actually beginning to act.”

The Realtors’ sales data will be released at 10 a.m. in Washington. Estimates in the Bloomberg survey ranged from rates of 4.9 million to 5.2 million.

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54 Responses to March Existing Home Sales

  1. Mike says:

    Good Morning New Jersey

  2. The Original NJ ExPat says:

    2nd

  3. Natasha says:

    So, my husband and I took our daughter to a party in Woodcliff Lake yestarday. On the way home we see an Open house sign in Hillsdale. Hubby and I decide to go in. Looked really nice from the outside. Turned out to be a short sale-homeowner hadn’t paid the mortgage in quite a while. The house was too big for us anyway and listed at $699 with 19k in taxes. Point of this story-real estate agents (2 bottom feeders as some of you like to refer to them as) wanted our phone number (we usually don’t give it). When we were reluctant the mature, female bottom feeder said, “look, we’re just trying to help you out. We know what listings are “coming” on the market, and we can give you a call.” Don’t tell me that Bergen County agents aren’t trying to keep a “certain kind” of family in the neighborhoods up there, and that they don’t “choose” who they call to give the heads up to, and probably tell the sellers what “type” of family it is too.

  4. Neanderthal Economist says:

    nah, theyre just trying to make it sound exclusive. truth is they’d sell their mothers neighbors house to the toxic avenger if he could pony up the $19k per annum…

  5. Fast Eddie says:

    To further Natasha’s statement and repeat what I’ve been saying: You gotta know somebody who knows somebody to get the house you want. You need to be an insider. The rest are fighting over the overpriced, stale pieces of g@rbage. What you see on these listings sites are the majority of houses nobody wants and/or was priced like it was 2005 again. And when they say, “we know what listings are coming on the market,” that means it’s basically shown to “our” clients if it’s a “hot” listing. The rest of the sh1t gets shown to the rest of the plebs.

  6. JJ says:

    Natasha the best realtors have a list of “pre-qualified” buyers – Most lazy realtors just throw it on MLS or do an open house. Big deal that aint worth 6%, but if a realtor has in its pocket pre-qualified “nice” families looking for a home a big selling point.

    I dont like my neighbors much so I could care less who buys my house. But if I did I might want a nice family to get it.

  7. DL says:

    I’m noticing asking prices rising in Doylestown, PA. 4bd/2ba asking now approaching 500k; 3/1 at mid-400s. Someone believes the hype.

  8. JJ says:

    Well yesterday was “national open house day”

    Someone believe the hype. Actually I noticed tons of young couples 27-35 out looking, open house a few doors up had a lot of people and when I peeked head in one young couple newly married had their parents come back to take a look. The two other splits near me that I know took on a ton of water also had a big crowd.

    Realtor said folks are tired of waiting and “sandy” is old news. Most couples looking were too young to have bought in the real estate bubble. Back in 2006 most couples I saw go to that house were just graduating college.

    Honestly if you graduated college in 2005, move back home for 2-4 years, got your rental in NYC another 2-4 years then got engaged and are newly married housing may not be at a bottom. But enough “froth” has been blown off and Sandy added a little bit more value on the south shore.

    Home I went to was 429K, middle of block, 75% redone, looked like it could use one new bathroom and a paint job. Had a brand new big kitchen. Home only had water in garage and crawl space. None upstairs. 3 bedroom split, two bathroom and it had a blow out in back with a big new kitchen and a nice big den with fireplace and a garage.

    Realtor said owner instructed him if you get 400K or more take it, less than 400K tell her offer. Women is a widow who just went to assisted living.

    Homes are cheap. House is walking distance school, train at 400K at 8K taxes a 33 year old couple is making like 200K on average. We are talking 2x income.

    Thing I find funny is kids dont leverage like they used to. I saw nice 30K cars and professional couples looking at a 400K house. six years ago the same kids would leverage themselves to a 700k homes.
    25% down on home gives you a 300K mortgage which is only $1,000 a month. Taxes and insurance maybe another $900 a month. So at $1,900 a month dirt cheap.

    Only thing that is shocking to me is that if you held and open house in Feb on my block you would be a laughing stock. We had serious Sandy damage going on and debris everywhere. But now only two months later most houses are wrapping up. We all had “spring clean” up from gardners and homes are going at pre-sandy prices.

    People were running in marathons on Sunday, kids minds move at twitter like speeds.

    I think my Condo is up like 30K since my offer. I have not even closed yet. Spring is in the air and once in a hundred year floods are once again once in a hundred years.

  9. JJ says:

    Existing-home sales declined 0.6% in March to a seasonally adjusted annual rate of 4.92 million, as longer-term trends posted substantial gains, pointing to a continuing recovery, the National Association of Realtors reported Monday. Sales of existing homes in March were 10.3% higher than during the same period in the prior year. Meanwhile, median prices hit $184,300 in March, up 11.8% from the same period in the prior year, the largest year-over-year price growth since November 2005. Low inventory is supporting prices. Also, sales of higher priced homes have seen large gains over the past year, as distressed-home sales have decreased. Economists polled by MarketWatch had expected a pace of 5.03 million existing-home sales for March, compared with an original estimate of a 4.98 million rate in February. On Monday, NAR revised February’s rate to 4.95 million. Inventories rose 1.6% in March to 1.93 million existing homes for sale. The months’ supply rose to 4.7 in March from 4.6 in February.

  10. Fast Eddie says:

    …kids minds move at twitter like speeds.

    I agree. Yesterday’s news might as well be 100 years old. Again, it’s so easy to be de-sensitized very quickly. A decade ago prices of houses and taxes were at a certain price point. Then everything doubles in 5 years and the masses easily become convinced that that’s the new norm. How quickly we forget.

    Fast forward and prices reduce, still not where they should be and taxes continue their climb. Let’s just change the tax rate. How’s that for a f.ucking scam? All the while, salaries remain flat and the only jobs created are in hospitality and leisure. LOL! So now, we’re supposed to believe that things are well again as the derailed train hits the bridge abutment in slow motion.

  11. Juice Box says:

    JJ your lucky the LuLu app wasn’t around when you were in your prime.

    http://www.businessinsider.com/lulu-a-women-only-app-that-rates-men-2013-4

  12. JJ says:

    April 22, 2013, 11:38 A.M. ET

    Junk Bonds Hit Another Record-Low Yield; ‘Very Rich’ But Still Gaining

  13. Libtard in the City says:

    Things are pretty quiet round here now.

  14. chicagofinance says:

    Some of you may remember a poster who was a first grade school teacher from California that used to visit these threads…… “Cindy”…… she sent me a link that profiles one of her former students…..
    http://www.kmph.com/category/170789/video-landing-page?clipId=8786645&flvUri=&partnerclipid=&topVideoCatNo=0&c=&autoStart=true&activePane=info&LaunchPageAdTag=homepage&clipFormat=flv

  15. Anon E. Moose says:
  16. Ben says:

    Might pull the trigger soon…yet I still am amused by the delusions that are all over. Couples who bought their home 2 years ago in nice towns are now trying to sell their homes at a 20% profit. Maybe they were watching too many reruns of HGTV when they bought.

  17. Juice Box says:

    Ben – Assessments are coming in higher. Remember distressed sales don’t count.

  18. DL says:

    Is this still a problem, determining who owns a property?

    “For about a year, Aponik didn’t know whom to call when he had a complaint about the house next door.

    Then in 2010, he saw someone doing work at the house and got a phone number. Notices on the door show the house is managed by Safeguard Properties, an Ohio company employed by mortgage companies.

    Since then, Aponik estimates, he’s called the company as many as 15 times about the grass, trash, animals, and the shredding tarp.

    He’s been given no indication what will happen to to the property. CitiMortgage has been paying taxes on the house, Palmer said. Rodgers, the Citi spokesman, said he could not comment on the property because Citi does not own it.”

    http://www.philly.com/philly/news/new_jersey/20130422_Cherry_Hill_proposes_new_regulations_on_abandoned_houses.html

  19. DL says:

    Ref 18: too many people watching CNBC.

  20. JJ says:

    The percentage of listings that were under contract within 14 days of their debut inched up yet again from 33.2% in February to 34.8% in March, the highest point on record.

  21. DL says:

    And some aren’t even waiting to die. You know your taxes are too high when:
    “Organ Donors Shoot Up in NJ.”
    http://www.philly.com/philly/health/20130422_Check_Up__Organ_donors_shoot_up_in_N_J_.html

  22. DL says:

    Re #9: more of the same story.

    Sales of Existing U.S. Homes Fall on Limited Inventory: Economy
    http://www.bloomberg.com/news/2013-04-22/sales-of-u-s-previously-owned-homes-unexpectedly-fell-in-march.html

  23. DL says:

    What ever happened to SAS?

  24. Jill says:

    Succumbed to the siren song of reconnaissance yesterday and went to an open house — a POS cape in WT, same house as mine but on a larger lot, 2 car garage, no dormer. They’ve closed up the windows on both sides of the house so there are only windows front and back, added a dining room out the back, redone the kitchen in a way that either it is smaller or looks smaller. Nicely designed bath upstairs even without a dormer, but the bedrooms are tiny. Just price reduced to $489K from $499K and they have a contract but are still taking offers. If this house sells for anywhere near that, I am utterly f***ed when revaluation occurs later this year, since I had a successful appeal in 2011.

  25. JJ says:

    How often do they reassess values in your town is it ever year?

    Also is their a max they can raise your assessed value. In New York State it is 6% a year or 20% over five years which ever is less.

    That is so old folks dont get quickly taxes out of homes.

    Jill says:
    April 22, 2013 at 2:41 pm

    Succumbed to the siren song of reconnaissance yesterday and went to an open house — a POS cape in WT, same house as mine but on a larger lot, 2 car garage, no dormer. They’ve closed up the windows on both sides of the house so there are only windows front and back, added a dining room out the back, redone the kitchen in a way that either it is smaller or looks smaller. Nicely designed bath upstairs even without a dormer, but the bedrooms are tiny. Just price reduced to $489K from $499K and they have a contract but are still taking offers. If this house sells for anywhere near that, I am utterly f***ed when revaluation occurs later this year, since I had a successful appeal in 2011.

  26. Comrade Nom Deplume, Bostonian says:

    [16] chifi

    gotta love the team’s colors and logo

  27. Comrade Nom Deplume, Bostonian says:

    [30] joyce,

    Probably. And think about it, you need the cops and others jacked up and going, but they can’t if everyone is closed.

    That isn’t to suggest they were munching on sinkers. Most jurisdictions in the area now forbid cops from sitting down in DDs. Been that way for a long time actually. And between that and the qualification and fitness requirements, you don’t much see the beer gut cops anymore.

    Full Disclosure: Dad is a retired Mass. cop and I practically grew up in DDs.

  28. Comrade Nom Deplume, Bostonian says:

    [31] redux

    Sinkers=Donuts (my father’s term for them).

  29. Comrade Nom Deplume, Bostonian says:

    What, no football talk? ESPN Radio makes it sound like the Bucs stole Revis from NY by holding firm to only one draft pick.

  30. Juice Box says:

    Comrade without Revis they have no chance of a home game on Feb. 2, 2014, they should have sent Dirty Sanchez packing.

  31. Anon E. Moose says:

    Joyce [30];

    I also saw separate reports to the same effect, also sourcing boston.com.

    Interesting commentary here:

    [Law enforcement asked Dunkin’ Donuts to keep restaurants open in locked-down communities to provide… food to police… including in Watertown, the focus of the search for the bombing suspect.]

    The government and police were willing to shut down parts of the economy like the universities, software, biotech, and manufacturing…but when asked to do an actual risk to reward calculation where a small part of the costs landed on their own shoulders, they had no problem weighing one versus the other and then telling the donut servers “yeah, come to work – no one’s going to get shot.”

    And they were right.

    (security theater, martial law, and a tale that trumps every cop-and-donut joke you’ve ever heard)

  32. Juice Box says:

    Just don’t shake the 2 liter bottle od diet pepsi too much mkay…

    http://www.nj.com/jjournal-news/index.ssf/2013/04/bayonne_knuckleheads_with_expl.html

  33. JJ says:

    San fran is trying to trade for Jets 13 pick, should be good

    Juice Box says:
    April 22, 2013 at 3:43 pm

    Comrade without Revis they have no chance of a home game on Feb. 2, 2014, they should have sent Dirty Sanchez packing.

  34. Libtard in the City says:

    Bebo moved to Bayonne?

  35. Libtard in the City says:

    If the Jets get Alex Smith, you can put a fork in them. I’d take Kapernick in a minute, but they won’t give him away.

  36. Juice Box says:

    At this rate the new internet tax law will be on the books by next week.

    http://news.yahoo.com/white-house-obama-backs-internet-174629905.html

  37. JSMC says:

    #38

    The Jets should offer the Niners the 13th pick and Sanchez in return for a sixth rounder or something. Just to get rid of Sanchez and get 9 million in cap space back is worth that pick alone.

  38. Jill says:

    JJ #28: They revalue when they feel like it. Our last revaluation was in 2007 and my valuation went from $192,000 to $464,200. The rate went down, but my taxes still went up by around $800/year. Owners of smaller houses got socked while owners of big houses got tax cuts because their properties didn’t appreciate as fast. In 2011 I appealed and won a down-value to $360K…so if this POS in my neighborhood goes for anywhere NEAR asking price, I am going to be clobbered…because the rate will go up AND my value will go up.

  39. 1987 condo buyer says:

    #40…Alex Smith was already traded to the Chiefs

  40. Ragnar says:

    Freedy 11,
    “[Lauryn] Hill said in an online post that she had not paid taxes since she withdrew from society to guarantee the safety and well-being of herself and her family.”
    I’ll bet her property taxes are pretty high in South Orange. On that front, I feel sorry for her. I like her imaginative idea that if she stays at home, she doesn’t need to pay taxes. I wonder if she took a break from that to vote for Obama.

    In other respects, not so much. She’s home schooling Bob Marley’s son’s bastards? Public school not good enough for her there? I have a suspicion that there’s a bit of weed getting smoked in that home.

  41. Bystander says:

    JJ just thinks about buying and the house increases 30%. Amazing.

    JJ,

    Take to Port Jeff ferry to Bridgeport. I have some houses in Fairfield cty that need your magic.

  42. joyce says:

    I remember a couple weeks back people on here were rehashing the buy vs rent cost benefit (of comparable properties). Grim one of your rent examples was 40 Park in Morristown. I haven’t been to Morristown since they started construction on that a few years ago. So, I’m looking online at random condos for sale in that building and other new condos nearby …

    asking $819,000, taxes $17,734, monthly fee $765
    http://www.weichert.com/45573986/

    asking $1,225,000, taxes $21, 323, monthly fee $675
    http://www.weichert.com/46695463/

    There are several other examples such as these. Holy christ. Do people who can actually afford those costs want to live that badly in Morristown New Jersey? I don’t hate that town or anything to that affect… I’m saying it’s completely unjustifiable to shell out that kind of dough for that town.

    Rant off

  43. NJCoast says:

    Richie Haven truly a nice man.

  44. Ragnar says:

    Joyce,
    Apparently some people in Morristown are so full of town pride that they think a townhouse overlooking “the green” is an asset rather than a liability. I guess they think it’s on par with Central Park. Circled with traffic lights. I thought the Morristown downtown was being taken over by JJ’s Home Depot day laborers.

    Maybe it appeals to environmentalist or drunk-driving-convicted professionals who need to bicycle to work in downtown Morristown.

  45. Ragnar says:

    Morristown’s downtown offers “NYC-like living” according to one advert.
    I guess having a few bars, restaurants and seedy homeless people is all it takes.

  46. chicagofinance says:

    Invited by mail to a local auction…..
    http://newyork.craigslist.org/jsy/reo/3746565852.html

  47. chicagofinance says:

    Equidistant to Delicious Orchards and the Boss’ House……also if al Qaida hits the Earle Munitions dump, you can get blow up a la West, Texas……

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